Income Tax sleuths carried out searches on March 4 at 27 premises in Chennai, Mumbai, Coimbatore, Madurai, Tiruchirappalli, Thrissur, Nellore, Jaipur and Indore.
In that search department sources said Unaccounted cash of Rs 1.2 crore was seized
“The evidences found in the premises of the bullion trader revealed that there were unaccounted cash sales, bogus cash credits from its branches, cash credits in dummy accounts in the guise of advance for purchases
Unexplained cash deposits during the demonetisation period, bogus outstanding sundry creditors and huge unexplained stock variations,” the CBDT alleged in a statement.
In the case of the jewellery retailer, it was found that the “taxpayer received and repaid cash loans from local financiers, had given cash loans to builders and made cash investments in real estate properties.”
Also, it claimed, the assessee had “made unaccounted gold bullion purchases, claimed wrongful bad debts, inflated wastages in conversion of old gold to fine gold and jewellery making, etc.”
“The searches, so far, have resulted in the detection of undisclosed income of more than Rs 1,000 crore,” it said.
The Central Board of Direct Taxes (CBDT) is the administrative authority for the tax department.